Examlex
What are the four basic elements necessary for a valid contract?
Likelihood of Occurrence
Likelihood of occurrence refers to the probability that a given event will happen, often used in statistics to estimate outcomes.
Parameter
A numerical characteristic that describes a statistical population; it's a fixed value, though often unknown.
Sampling Distribution
The probability distribution of a statistic based on a large number of samples or simulations.
Nonnormal Population
Refers to a population that does not follow a normal distribution, which can affect the choice of statistical methods used for analysis.
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